New year, new legal resolutions: Legal steps to take after a major life event

The start of a new year is often a time for reflection and planning, especially after a major life event. Whether you’re recently married, had a baby, gone through a divorce or dealing with the loss of a loved one, these milestones can have significant legal implications that should be addressed promptly to ensure your personal and financial affairs are in order. Here’s a checklist of legal steps to take after a major life event, helping you start 2025 on the right foot.

1. Update your Will

One of the most important legal tasks after any significant life change is to review and update your Will. Marriage, the birth of a child, divorce or the death of a loved one can dramatically alter your wishes for how your estate should be distributed. If you haven’t yet created a Will, now is the time to make sure one is in place. It ensures that your assets are distributed according to your wishes, avoids potential disputes, and can help minimise tax burdens on your estate.

For example, after marriage, you may want to include your new spouse as a beneficiary. Similarly, following the birth of a child, you may want to specify guardianship preferences for your children. In the case of a divorce, updating your Will may involve removing your ex-spouse as a beneficiary or executor.

2. Review Your Lasting Power of Attorney

A Lasting Power of Attorney (LPA) allows someone to act on your behalf in financial or health matters if you are unable to do so. You should review your LPA to ensure that the right individuals are appointed to manage your affairs if you are unable to do so yourself.

For example, following a marriage, you might want to name your spouse as your attorney, while after a divorce, you may wish to choose someone else, such as a trusted family member or friend. It’s important to ensure your LPA reflects your current situation and that the designated attorney understands their responsibilities.

3. Check ‘Expression of Wish’ forms

Expression of wish forms (sometimes known as nominations) on life insurance policies, pensions, and other financial accounts often take precedence over your Will. That’s why, after a major life event, it’s crucial to review and update these expressions of wishes. For instance, after the birth of a child, you may wish to include them as a beneficiary or name them in a trust. If you've gone through a divorce, you’ll want to ensure that your ex-spouse is removed as a beneficiary where appropriate. Failure to keep these nominations up-to-date could lead to unintended consequences, such as ex-spouses or estranged family members receiving assets.

If you’re unsure where to start, we can help you with this review and take any necessary steps and ensure your affairs are in order. To get in touch, please call our Private Wealth & Succession team on 0113 207 0000.